Hogan Lovells

Key Dates

Consultation response published on 5 July 2017.

The Financial Guidance and Claims Bill was introduced in Parliament on 22 June 2017.


Summary

HM Treasury and the DWP have issued a response to their December 2016 consultation on creating a single body to provide public financial guidance. The response confirms that the proposals will be taken forward, with provisions to establish the guidance body included in the Financial Guidance and Claims Bill.

The guidance body's remit will include the provision across the UK of guidance and information on all matters relating to occupational and personal pensions. It will be financed by levies on the financial services industry and through the general levy on pension schemes.

The response reports that some commentators thought the guidance body should have a role in the development of a pensions dashboard. It comments that HM Treasury worked with the pension industry to produce a working prototype of the dashboard in April 2017, but that the dashboard is still at a very early stage, with many policy questions outstanding.



Date Accessed: 03/12/2021